Great British Pound vs. Japanese Yen (2011-01-17) Trading Idea
January 17, 2011 7:39 PM EST
In some cases, the harmonic pattern completes around X point highlighted in the chart above. The upside move also confirms that this formation is acceptable, while breaching 76.4% correction of CD at 131.20 which accompanied the main resistance connecting A and C might support further upside movement this week to test top areas at C, where breaching it might extend the move towards A. Stochastic is overbought though the bullish channel keeps our bullish expectations valid.
The trading range for today is among key support at 128.30 and key resistance at 134.20.
The general trend over short term basis is to the downside targeting118.80as far as areas of 150.75 areas remain intact.
Most Popular Slideshows
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- PageSix: Beyonce & Jay Z Union is Not About Love, All About Business & the Brand
- Kate Middleton & Prince William Taking a Time Off in August Amidst Miscarriage & Adopting a Child Claims
- Lunch with the Gods: Pope Francis Eats with Vatican Workers in Cafeteria
Join the Conversation
- Apple iPhone 6 Release Date Update: 6 Most Wanted Feature Upgrades for Next iPhone
- HTC One M8 Windows Phone to Launch for Verizon; Release Date, Price, Five Fresh Features to Anticipate for New Smartphone
- OnePlus One vs. Moto X+1 – Early Specifications, Release Date and Price Faceoff
- Galaxy Note 4 Release Date Ahead of iPhone 6 Sept 2014 Debut; Specced-Up but Remains Plastic-Wrapped – Reports
- LG G2 Android 4.4.4 KitKat Guide: When to Hit Your Region and How to Install
- Update Samsung Galaxy S4 Mini with Android 4.4.2 KitKat
- LG G3 To Debut Moon Violet and Burgundy Red Shades in August; Upcoming LG Devices Roundup